The Nasdaq finished more than 1% higher, and the S&P 500 increased as well, with Nvidia shares rising as investors were bullish about its earnings this week, and other technology-related stocks rising.The Dow Jones industrial average finished marginally lower.The yield on 10-year Treasury notes reached highs not seen since the Great Financial Crisis in 2007, …
The Nasdaq finished more than 1% higher, and the S&P 500 increased as well, with Nvidia shares rising as investors were bullish about its earnings this week, and other technology-related stocks rising.
The Dow Jones industrial average finished marginally lower.
The yield on 10-year Treasury notes reached highs not seen since the Great Financial Crisis in 2007, as investors awaited a conference of central bankers in Jackson Hole, Wyoming, on Thursday. Jerome Powell, Chairman of the Federal Reserve, is scheduled to speak on Friday.
The technology sector (.SPLRCT) boosted the S&P 500 and Nasdaq the most, while a semiconductor index (.SOX) gained 2.8%.
Nvidia (NVDA.O) gained 8.5%, topping advances among semiconductor stocks, after HSBC boosted its price target to $780, the second highest on Wall Street.
When it reports late on Wednesday, Nvidia, one of the biggest beneficiaries in this year’s artificial intelligence tech market boom, is likely to project quarterly sales above analysts’ estimates. Nvidia’s stock has risen more than 220% this year, while the Nasdaq has risen 29%.
The Dow Jones Industrial Average (.DJI) lost 36.97 points, or 0.11%, to 34,463.69, while the S&P 500 (.SPX) increased 30.06 points, or 0.69%, to 4,399.77 and the Nasdaq Composite (.IXIC) increased 206.81 points, or 1.56%, to 13,497.59.
Johnson & Johnson (JNJ.N) shares sank 3% among Dow decliners after the healthcare company said it expected to keep a 9.5% stake in its newly separated consumer health arm, Kenvue (KVUE.N).
Goldman Sachs Group (GS. N) stock fell 0.9% after the firm indicated it was considering selling a portion of its wealth management division.
In the technology sector, Palo Alto Networks (PANW.O) rose 14.8% after the cybersecurity business relieved concerns about its late Friday earnings announcement with a good quarter and a projection for yearly billings that exceeded expectations.
In addition, VMware (VMW.N) rose 4.9% after the UK’s competition commission approved Broadcom’s (AVGO.O) acquisition of the cloud computing business. Broadcom’s shares increased by 4.8%.
Volume on U.S. exchanges was 9.75 billion shares, compared to a 10.99 billion average for the entire session for the previous 20 trading days.
Risk disclaimer:
Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.
